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Short Term Loan News

Money tips and MYJAR news

MYJAR receives FCA authorisation

MYJAR is delighted to announce that we have received full authorisation from the Financial Conduct Authority (FCA), reinforcing our credentials as a leading company within the sector.

Authorisation by the FCA means that MYJAR has been shown to meet all the required criteria, which includes treating customers fairly and lending responsibly.

The CEO of MYJAR, Ellis Sher, said:

“Securing full authorisation from the FCA is the start for us of the next stage of our journey. It has been a tremendous team effort. We will ensure that we continue to provide exceptional customer service whilst delivering innovative, affordable products that differentiate us from our peer group.”

Since our inception in 2008, we have always capped the cost of its loans and never allowed rollovers. Being the first lender in the sector to apply these standards ensured a sustainable business model which allowed for a seamless transition to the new rules and regulations introduced by the FCA. We have always sought to innovate as evidenced by the creation of the ‘ladder system’ where eligible customers can access longer and larger loans at lower rates and move up the MYJAR ladder by repaying loans on time. MYJAR’s interest per day gets lower the longer the duration of the loan. In addition, MYJAR customers can repay early at any time and save money.

Our high standards are recognised by our customers with over 1,700 reviews delivering an average rating of 9.3 out of 10 on the independent Trustpilot website.

Mr Sher added:

"Our customers are truly valued by us and everyone in our business appreciates that our long term success can only be achieved by respecting our customers and giving them a fair deal. We have worked tirelessly to provide world class customer service supported by simple transparent products and a clear application process. The approach has worked with over 2m loans issued since the business was started nearly 8 years ago. We look forward to delivering the next 2m loans built on the foundations of fantastic service and great products."

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk